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<br />R-09-43 <br /> <br />A RESOLUTION AUTHORIZING PROCUREMENT OF CITY INSURANCE <br />THROUGH INSURANCE AGENTS OR BROKERS AND AUTHORIZING THE <br />CITY MANAGER TO ENTER INTO CONTRACTS OR AGREEMENTS FOR <br />THAT PURPOSE WITH INSURANCE AGENTS OR BROKERS. <br /> <br />WHEREAS, Section 12-277 of the Code of the City of Portsmouth, Virginia <br />(2006) provides that the City may procure insurance through a licensed agent or broker <br />selected through competitive negotiation, provided that the City Council make an <br />advance determination that the competitive negotiation for insurance is not practicable or <br />fiscally advantageous; and <br /> <br />WHEREAS, insurance brokers and/or licensed agents have the expertise and <br />ability to access a variety of insurance and reinsurance products and providers and the <br />resources to properly track trends and changes in the commercial insurance industry. <br /> <br />NOW THEREFORE BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia that the direct procurement of insurance through competitive <br />negotiations by the City is neither practicable nor fiscally advantageous and that the City <br />may procure the services of insurance brokers or licensed agents to obtain insurances in <br />accordance with City Code Section 12-277. <br /> <br />BE IT FURTHER RESOLVED that the City Manager is authorized to enter into <br />contracts or agreements with insurance brokers or licensed agents to obtain insurance for <br />the City when needed. <br /> <br />BE IT FURTHER RESOLVED that this resolution shall take effect on the date <br />of its adoption. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held <br />on August 25,2009. <br /> <br />Teste: <br /> <br />City Clerk <br />